With the new $11.18 million exclusion amount ($22.36 for married couples), most taxpayers are no longer subject to federal gift and estate tax (at least through 2025). Yet planning is as important as ever, between existing documents that may no longer work, and new strategies designed to take advantage of the $11.18 million exclusion, with an eye to obtaining a basis step-up for appreciated assets. This session will review what every practitioner needs to know in terms of planning basics, such as wills, revocable trusts, beneficiary designations, and types of property ownership, as well as offer suggestions for going forward in an uncertain planning environment.
Recognize key planning documents and what they
Identify suggestions on possible “going forward” steps